BP Amoco Awards Offshore Contracts

BP Amoco selected two companies to provide $1 billion worth of construction work on a number of its deepwater oil projects in the Gulf of Mexico. The company selected J. Ray McDermott and Heerema Marine Contractors for work and services on the projects, including the Crazy Horse, Mad Dog, Holstein and Atlantis developments. The agreement with McDermott is expected to bring as much as $600 million in work to the company's Amelia fabrication yard at Morgan City, La.. The agreement with Heerema Marine could be worth $400 million, BP said. The contracts are the first for construction on BP's current deepwater discoveries. BP plans to begin installation of the deepwater facilities in 2002-2003.